A brand-new “Featured by Binance” NFT platform
Binance X, a new Binance-backed platform, has announced the launch of its non-fungible token (NFT) platform, Featured by Binance. According to the announcement, Featured by Binance will offer users a non-custodial and on-chain platform built on the Binance Smart Chain (BSC) network that aims to connect creators, brands, and their followers.
Moreover, the platform aims to support the whole life cycle of an NFT. Starting with minting through to marketing, distribution, secondary trading, and payments. At launch, the platform will focus on helping Binance brand partners launch NFT assets with unique narratives. Additionally, the platform will host a marketplace to trade those assets and creator tools to mint, sell and showcase NFT creations.
In an earlier announcement, the platform stated that it would also be divided into two sections. Premium events and trending markets, with creators receiving 90% of the proceeds from premium events. It appears that the premium events will be the home of exclusive drops and affiliated content whilst trending will be more community-driven.
Talking about the launching of Featured, Changpeng Zhao (CZ), Binance’s CEO, said: “We believe Featured by Binance will unlock a lot of exciting innovation in digital goods. We want to apply our deep experience in launching tokens and creating markets to the NFT space to help brands and creators unlock these benefits.”
NFTs on BSC
Since BSC’s inception, it’s no secret that the network intended to develop a strong DeFi ecosystem. Assisted by overly high gas fees on Ethereum and the bull run starting back in December 2020, BSC has attracted scores of users, new and old. A perhaps perfect environment in which to now launch a new NFT project.
Importantly, Featured by Binance isn’t the first NFT offer on BSC but it is the first officially backed one getting support from Binance marketing channels. Mobox NFT Farmer, Tiny Titans, Non-Fungible Apes, My Neighbour Alice, AirNFTs, BNB Puppies, and the Gala Games ecosystem have already arrived at varying levels of success. Most notable are Mobox, a DeFi meets NFT gaming platform that allows users to yield farm using their NFTs. Plus, ApeSwap’s Non-Fungible Ape service has seen extraordinary success so far this year.
Arguably, most of these are NFT collections aimed at specific audiences whilst Featured by Binance will be a complete suite of services and marketplace. Moreover, the platform looks set to offer exclusive brand-affiliated NFTs and to work with digital artists looking to get big exposure.
After a stellar start to the year the NFT space has now started to cool down a little. In May, according to the DappRadar Industry Report, the NFT market saw a decrease of 5% in its sales volume. This was the second month in a row that the volume dropped. The decrease was mainly driven by the Flow and Wax blockchains. On a more positive note, May was quite an exciting month for the Wax blockchain as a whole. Dark Country generated more than $500,000 through a public land sale. This means that the game almost doubled its volume compared with April. Secondly, R-Planet recorded a 170% increase in sales, generating more than $5 million in May.
Arguably, the COVID pandemic has accelerated us all to a more digital-centric way of life. The way we work, play, shop, socialize, experience culture, and entertain ourselves have all been drastically changed. As a result, brands have to find new ways to gain interest from their users in the digital world. Nonetheless, a consistent and well-proven factor underlying all digital experiences is the use of digital goods. Enter NFTs. Digital goods have been used successfully in a multitude of ways to engage fans and monetize intellectual property. Those who grew up in the era of app stores are the chief drivers of this trend. Importantly these potential customers are now coming into a time of life that sees them become more financially independent. With considerable purchasing power.
Binance X is obviously counting on NFTs being part of a bigger behavioral shift after the initial hype phase we find ourselves in currently. By launching Featured. The platform states its intention to play a role in the development of the NFT industry. For the time being though. The platform is a simple holding page collecting emails so as to inform NFT enthusiasts of its imminent launch.